May Real Estate Results

In Haywood County, May continued to be a strong sales month for real estate.  However, I am seeing some beginnings of a down side in this crazy market.  Interest rates continue to creep upwards, making house payments more expensive, and keeping some buyers out of the market altogether.  For the first time in several months, more new listings came on the market than for that same month in 2021.  In April of this year, new listings were down 21.7% from April  2021.  However, we had a 4.7% increase in the number of new listings when compared to May of 2021.

In May 2022 we sold 88 homes compared with 118 homes in May 2021, a 25.4% decrease.  Also, the average sales price decreased for the first time in a good while to $335,920, from $366,883 last month.

Also, I am seeing price decreases on homes almost daily.  For a while, we hardly ever saw a price decrease.  I believe this is partially due to sellers over-estimating the value of their homes in a hot market.  Those sellers are now seeing a small dose of reality setting in.

While inventories remain tight, and sales are still very good, the above numbers do represent a slight “cooling” of the market.

Will the “cooling trend” continue?  I wish I knew.  Stay tuned and we will see what June has in store for us.